Aircraft manufacturing giant Boeing will cut back production of its 737 MAX airliner, under growing financial risk the longer it remains grounded after two deadly crashes. Boeing said on Friday that from mid-April it will reduce production of the plane from 52 planes to 42 per month. Boeing’s share price, which took a massive hit after the Ethiopian Airlines crash, slipped further after news of the production cut. The decision to cut production comes after Boeing acknowledged that a second software issue on the MAX needs fixing. The shares slipped a further $8.98 ($A12.63), or 2.3 per cent, after news of the production cut, to $382.85 ($A538.67).

Source: Ethiopian News April 06, 2019 04:18 UTC